Questions and Answers: Weymouth leasehold conveyancing
I’m about to sell my 2 bed flat in Weymouth.Conveyancing lawyers have not yet been instructed but I have just received a yearly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am tempted by the attractive purchase price for a two apartments in Weymouth both have in the region of fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Weymouth. The lease is a right to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area
What are your top tips when it comes to appointing a Weymouth conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Weymouth conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Weymouth conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How many lease extensions have they completed in Weymouth in the last twenty four months?
Can you provide any top tips for leasehold conveyancing in Weymouth from the perspective of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Weymouth can be bypassed where you appoint lawyers the minute your agents start advertising the property and ask them to put together the leasehold information which will be required by the purchasers’ lawyers.
- In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Most leases in Weymouth state that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord approving such changes. If you fail to have the consents in place do not contact the landlord without contacting your conveyancer in the first instance.
If all goes to plan we aim to complete the sale of our £150000 maisonette in Weymouth on Monday in a week. The management company has quoted £420 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Weymouth?
Weymouth conveyancing on leasehold maisonettes normally necessitates the purchaser’s conveyancer sending enquiries for the landlord to address. Although the landlord is not legally bound to address these enquiries most will be willing to assist. They may charge a reasonable charge for answering questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some transactions it is in excess of £800. The management information fee required by the landlord must be accompanied by a summary of rights and obligations in respect of administration charges, without which the invoice is technically not due. Reality however dictates that one has no option but to pay whatever is requested of you if you want to exchange contracts with the buyer.
I am the registered owner of a split level flat in Weymouth, conveyancing formalities finalised in 2008. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Weymouth with an extended lease are worth £230,000. The ground rent is £50 yearly. The lease ceases on 21st October 2090
With only 65 years remaining on your lease we estimate the price of your lease extension to be between £16,200 and £18,600 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
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